Thursday, January 16, 2014

LOL Oakland Mayoral Candidate Raising Money From Geek Bitcoin Holders BUT...

...immediately converting them to dollars.

I received this email from a Bryan Parker public relations executive today (my highlight)
Hi,
GoCoin and Brock Pierce are hosting a fundraiser for a political candidate, Bryan Parker, who is actually embracing bitcoin into his technology platform and accepting bitcoin donations for his campaign. There have been only a few political officials who have done so: Texas Rep. Steve Stockman and Cadillac, Michigan Mayor Bill Barnett are a couple recents. Due to precarious relations between US Regulators and bitcoin, the bitcoin community has shown particular excitement surrounding government officials' endorsements. 
I hope this story will be of interest to your readers, so please let me know if you have any follow-up questions
Of course, I did have a follow-up:
Will Mr. Parker be holding the funds received as bitcoins or converting them to dollars?

The email reply from Parker:
Converting to dollars. Go Coin, our partner, acts as the exchange agent and sends us dollars[...]

7 comments:

  1. I don't see the issue. Bitcoin is a currency, USD is a currency. Neither are money.

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    Replies
    1. Where do you get the strange idea that currency is not money. The google definition of currency is "a system of money in general use in a particular country," or as "the fact or quality of being generally accepted or in use." Thus currency is money. Bitcoin is not a currency, and hence also not money. The USD is both, despite its bleak future.

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  2. "BUT...
    ...immediately converting them to dollars."

    Oh my God, that's SO funny!

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    Replies
    1. Wenzel doesn't understand humor. He's autistic.

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  3. Wouldn't this be the natural progression: (i) a few merchants accept bitcoin and discover that they have increased sale volume by offering their customers more payment choice, (ii) if many merchants and sellers accept bitcoin it will become less important to convert bitcoin to fiat immediately upon sale, in fact it will become an inconvenience, (iii) if enough sellers accept bitcoin it will become unnecessary to convert bitcoin to fiat because one can purchase goods directly with bitcoin. Of course you still have the value fluctuation but many national currencies have left their holders high and dry.

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  4. Bitcoin (or some other virtual currency) is perfect for governments. They will let it catch fire, enable it to deep six most physical currency, then take it over. Saves them years of trouble, and no muss-no fuss politically.
    The Bitcoin Fan Boyz don't even get it.

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    Replies
    1. Maybe you should study the subject before giving an opinion. Specifically, pay attention to the word "decentralized" when conducting your research.

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